v3.26.1
Segment data
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment data

15. Segment data

The Company defines its segments based on the way in which internally reported financial information is regularly reviewed by the chief operating decision maker, or CODM, to analyze financial performance, make decisions, and allocate resources. The Company manages its operations as a single operating and reportable segment committed to developing a portfolio of novel and proprietary MGDs. MGDs are small molecule drugs that employ the body’s natural protein destruction mechanisms to selectively degrade therapeutically-relevant proteins. As the internal reporting is based on the consolidated results, the Company has identified one operating and reportable segment. The CODM uses net (loss) income in the budget and forecasting process and considers budget-to-actual variances on a quarterly basis when making decisions about the allocation of operating and capital resources. The measure of the operating segment assets is reported on the condensed consolidated balance sheet as total assets.

The accounting policies used in the segment reporting are the same as those described in the summary of significant accounting policies. (See Note 2 in our annual report on Form 10-K for the year ended December 31, 2025.) The Company’s CODM is the Chief Executive Officer.

The Company's reportable segment net revenues and (loss) income for the three and six months ended June 30, 2026 and 2025 consisted of the following (in thousands):

 

 

Three months ended June 30,

 

 

Six months ended
June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

Collaboration revenue

 

$

8,968

 

 

$

23,194

 

 

$

13,178

 

 

$

108,123

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Research and development:

 

 

 

 

 

 

 

 

 

 

 

 

External research and development expenses:

 

 

 

 

 

 

 

 

 

 

 

 

MRT-2359

 

 

3,520

 

 

 

2,243

 

 

 

5,901

 

 

 

4,187

 

MRT-6160

 

 

16

 

 

 

1,477

 

 

 

27

 

 

 

5,458

 

MRT-8102

 

 

8,660

 

 

 

1,623

 

 

 

15,441

 

 

 

3,081

 

CCNE1

 

 

1,621

 

 

 

716

 

 

 

3,324

 

 

 

1,478

 

Other development and discovery programs

 

 

9,796

 

 

 

4,986

 

 

 

19,384

 

 

 

9,450

 

Personnel expense

 

 

13,901

 

 

 

11,758

 

 

 

27,394

 

 

 

23,110

 

Overhead and administrative expense

 

 

10,450

 

 

 

7,850

 

 

 

20,562

 

 

 

16,079

 

General and administrative expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Personnel expense

 

 

6,649

 

 

 

5,479

 

 

 

13,069

 

 

 

11,158

 

Professional services

 

 

1,702

 

 

 

1,050

 

 

 

3,845

 

 

 

2,528

 

Facility costs and other expense

 

 

1,783

 

 

 

1,566

 

 

 

3,395

 

 

 

3,112

 

Interest and other income, net

 

 

5,941

 

 

 

4,458

 

 

 

11,524

 

 

 

8,129

 

Income tax provision

 

 

(208

)

 

 

(1,199

)

 

 

(260

)

 

 

(2,021

)

Net (loss) income

 

$

(43,397

)

 

$

(12,295

)

 

$

(87,900

)

 

$

34,590

 

Other development and discovery expenses are related to the development of our QuEENTM discovery engine and our disclosed and undisclosed programs, including CDK2. The Company's tangible assets are held in the U.S. and Switzerland with 37% and 29% of the assets held in Switzerland as of June 30, 2026 and December 31, 2025, respectively. All of the Company's collaboration revenue was generated in Switzerland during each of the three and six months ended June 30, 2026 and 2025.